March 9, 2019
All areas of Metro Vancouver saw a jump in inventory, but the increase was steepest in the ringed area defined as Inner Metro (which includes Burnaby, New Westminster, Richmond, West Vancouver, North Vancouver, South Delta, Tri-Cities and Squamish, but not the City of Vancouver).
However, only 99 of those 5,918 condo units were complete and move-in ready (described as “standing inventory”) at the end of 2018. When compared to the same quarter five years ago, this represents a 608-unit (86 per cent) decline in move-in ready concrete condominiums across Metro Vancouver. This suggests that demand over the past five years has increased sufficiently to absorb presale units before they are completed, even if the absorption rate is now slowing.
The number of available new wood-framed condo units, which are studied separately in the report, did not climb as much as concrete condos, but they account for a much smaller share of the market.
What it costs to build condo in Canada? In the city of Vancouver, where an acre zoned for high-density residential can top $40 million, the average price of a new high-rise condo apartment is now $1,345 per square foot, up 39 per cent from a year ago.
The construction costs presented here represent hard costs only, and do not include soft costs, such as legal and insurance costs, government fees, financing costs, environmental costs, property taxes, marketing and sales costs and commissions, or the developer profit.
What would be the cost to build single family home in Greater Vancouver? Definietly the cost depends on the area, landscaping needs, size of the house... Call Oleg Tsaryov for consulation.